The new back office system is part of a continuing and successful partnership between The World Bank and Summit, which began in 1997 when Summit front-, middle-, and back-office modules were deployed to support the funding operations for the two largest members of The World Bank Group: the International Bank for Reconstruction and Development (IBRD), and the International Finance Corporation (IFC).
Tony Ferreira, Director of Treasury Operations at The World Bank, elaborated on the latest system rollout. "A key objective was to enhance our back-office operational model taking advantage of the capabilities offered by a true STP solution. Summitâs core STP capabilities offer benefits for automated confirmation generation and dispatch, settlement messaging, and payment processing, along with real-time trade position viewers and positional accounting. The bank also worked with Summit to add customized SWIFT matching, repo repricing, securities pair-off processing, and split trade processing for FedWire."
"The final result," Tony Ferreira summarized, "is a cost-efficient STP back-office with capabilities tailored to our requirements, one that is fully integrated with our existing front- and middle-office applications."
Paul Snaith, Manager of Treasury Systems, commented: "From a technical perspective, our implementation demonstrates how disparate components can be woven together. Extensive use was made of Summitâs real-time connectivity tools to integrate the new back office with our existing application environment. Summitâs Bloomberg interface was deployed, which allows seamless capture of trades and securities terms and conditions. Real-time links between Summitâs back office and our various front-office trading systems, performance measurement system and general ledger where also developed."
Allen Whipple, Managing Director at Summit, remarked on the latest chapter in the firmâs relationship with The World Bank. "The bank had a very positive experience with the initial Summit implementation in 1997, and weâre pleased that The World Bank chose to entrust Summit with their critical back-office processing needs. We are grateful for the opportunity to work with such a prestigious institution, and very impressed with the dedication, expertise, and creativity the bankâs business and technical staff brought to the task of integrating, testing, and implementing their new system environment. We look forward to assisting them with additional projects in the future."
About The World Bank
Founded in 1944, the World Bank Group is one of the world's largest sources of development assistance. The Bank, which provided US$19.5 billion in loans to its client countries in fiscal year 2002, is now working in more than 100 developing economies, bringing a mix of finance and ideas to improve living standards and eliminate poverty. For each of its clients, the Bank works with government agencies, nongovernmental organizations, and the private sector to formulate assistance strategies. Its country offices worldwide deliver the Bankâs program in countries, liaise with government and civil society, and work to increase understanding of development issues.
The World Bank is owned by 184 member countries whose views and interests are represented by a Board of Governors and a Washington-based Board of Directors. Member countries are shareholders who carry ultimate decision-making power in the World Bank. The Bank uses its financial resources, its highly trained staff, and its extensive knowledge base to individually help each developing country onto a path of stable, sustainable, and equitable growth.